SOLUTION: how do i solve this: "Suppose that $5 is invested at 4%, compounded quarterly. How much would be in the account after 300 years? Give your answer to the nearest cent.
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Question 593013: how do i solve this: "Suppose that $5 is invested at 4%, compounded quarterly. How much would be in the account after 300 years? Give your answer to the nearest cent. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Suppose that $5 is invested at 4%, compounded quarterly. How much would be in the account after 300 years?
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A(t) = P(1+(r/n))^(nt)
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A(300) = 5(1+(0.04/4))^(4*300)
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A(300) = 5(1.01)^1200
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A(300) = $766,687.78
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Cheers,
Stan H.
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